Thursday, 12 March 2009

Madoff Pleads Guilty. Let's See How the Financial Media is Covering This

Bernard Madoff, accused of running the biggest financial fraud in Wall Street history, pleaded guilty to swindling investors of about $60-$65 billion over the past two decades. Let's check how the financial media is covering this --

THE WALL STREET JOURNAL: (click here for link to main story on the Web) -- Lede focuses on Madoff being jailed until sentencing comes in June. Probably the lightest start of the three big wires' versions of this big story.

Madoff Pleads Guilty; Judge Orders Him Jailed

Financier Bernard Madoff pleaded guilty to swindling billions of dollars. The judge ordered him jailed pending sentencing on June 16. "As the years went by, I realized my risk, and this day would inevitably come," Mr. Madoff said.

BLOOMBERG: (click here for link to main story on the Web) -- Strong lede, focused on the distrust that Madoff's actions brought about to the global financial system; in this sense, Bloomberg is correctly stating that the size of the investment losses/swindle is significantly smaller, infinitely smaller than the loss of confidence the fraud sparked in global markets.

MADOFF PLEADS GUILTY

Bernard Madoff admitted he was the mastermind behind the largest Ponzi scheme ever, an historic fraud that swindled investors out of as much as $65 billion and made him the symbol of investor distrust in a global recession.

REUTERS
: (
click here for link to main story on the Web) -- The lede focused on the calls for stricter regulation that stemmed from Madoff's actions. This is an important point we have been extensively been covering for months -- whether more, tougher oversight of hedge fund and wealth management companies should come as a result of all these scandals (Madoff, the Stanford CDs sales, the Colombian pyramids, the Brazilian insider sales and derivatives scandals, the Mexico's Metrofinanciera problems, all that.)

Madoff pleads guilty to fraud, says "deeply sorry"

Bernard Madoff pleaded guilty on Thursday to charges he orchestrated the biggest financial swindle in Wall Street history, cheating investors out of billions of dollars in a fraud whose magnitude shocked the public and drew demands for stricter regulations.

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